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Mar 13

The best family businesses one can start in 2017

Maybe 2017 is your year. Maybe you will succeed to start that business that will assure you and your family a steady income, and an opportunity for your children to learn at a young age the importance of hard work and the real value of money. However, what should you start with? Well, first, you must start with a business idea, and below we have plenty for you, from the real estate exchange market, to consultancy businesses and others just as entertaining and profitable in the following years. At least, that’s what the experts say.

The best family businesses one can start in 2017

Real estate rental businesses

Luckily, if you are considering to get rid of that old family farm and buy a rental building in the city, now you have the opportunity, by using the best invention in the American history (thanks, IRS)! We are talking about 1031 real estate property exchange, which lets investors, regardless their activity domain to easily change it. All without any taxes implied. The transactions made under the Delaware Statutory Trust regulation are tax-deferred, as long as the properties are exchanged and are not a subject of a sell-and-buy process. The main rule of these transactions is to swap properties estimated at the same market value, in a strict timeframe, using specialists in the field. By investing in a rental property, you will have the great advantage of making a steady and generous profit, without the hassle implied by a business. You will only have to maintain the building in good condition, so your tenants will be pleased with your services, and cash their monthly rent.

Catering businesses

The American nation is a gourmand one, and you know it best. If you and other family members master cooking, you might want to consider a catering business. You will only need a facility where to cook your courses and a little help even from those members who can’t actively cook. Maybe they want to contribute at your businesses’ capital in other ways. If you lack the premises to develop a professional kitchen, you might want to consider once again a 1031 swap. It’s a profitable way of making the initial investment for your family-run catering business.

You might want to consider a cleaning business

And once again, you can begin your journey with a tax-deferred exchange. Maybe you inherited an unprofitable business and you would like to change it for something with a great potential in the future. Consider our suggestion, because although this type of business might not be the most glamorous you might be thinking about, our nation has plenty of suits to clean, and many rentals lack a proper washing machine.

A consultancy business, in whatever domain you master

Are you great at math? Then offer your services to those failing their classes. Are you a great web developer? Then offer consultancy services to those lacking the knowledge. The great thing about these services is that you only need an office, a couple of laptops and a printer in order to function properly.

 

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